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New orders lift Saudi non-oil business activity growth to 4-month high-PMI

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Domaine de Grand Pré’s Recipe for Award-Winning Service and Hospitality | SaltWireDUBAI - Growth in non-oil business activity in Saudi Arabia accelerated for a second consecutive month in October, a survey showed on Sunday, with new orders supporting an overall expansion in activity which led to a sharp rise in employment levels.

New business expanded faster with the new orders subindex surging to 66.1 in October, also a four-month high, from 64.2 the previous month. "The surge in new orders signifies an expanding market and suggests that the non-oil sector is experiencing sustained growth and demand for its products," said Naif Al-Ghaith, chief economist at Riyad Bank.

 

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